NORTON – Another hurdle has been overcome for a large-scale home appliance company to move into the city’s new business park.
The state approved $ 1.2 million over 10 years in tax relief for the Yale Appliance, a measure residents broadly supported at a special town hall meeting in August.
The State Economic Aid Coordinating Council on Thursday approved eight projects, including Norton’s, for participation in the economic development incentive program which provides tax incentives for job creation.
Yale Appliance, which was located in Mansfield Industrial Park before moving to Stoughton, is considering moving to the Blue Star Business Park off Interstate 195 in Norton.
The move will allow Yale to expand its corporate headquarters and distribution operations for its major household appliances such as refrigerators, washers, dryers and ranges. A retail showroom will also be located at the Norton site.
The company plans to create 15 new jobs and retain 100 existing jobs as part of an $ 18.75 million investment for a 210,000 square foot building planned on a 27 acre site.
Norton residents would be given priority over new jobs and local businesses would be given priority as suppliers and vendors.
The tax break would be $ 1.186 million, and $ 1.2 million would be paid in property taxes.
The so-called tax increase financing agreement, or TIF, would last 10 years, with 85 percent of taxes exempt in the first year with a reduction in that percentage reduced each year, ending at 35 percent in the final year.
Founded in 1923, Yale Appliance is a third generation family owned business and has grown into a leading home appliance retailer.